The New Zealand Dollar continued to trade in a junior ascending channel pattern against the US Dollar on Monday. However, the situation changes during the first half of today’s session, as the currency pair breached the bottom border of the channel pattern at 0.6739.
Given that the exchange rate has breached the junior ascending channel, bears could continue to dominate the pair during the following trading session.
The possible downside target will be near a support cluster formed by the combination of the 100– and 200-hour SMAs at 0.6704.
Nevertheless, technical indicators suggest the currency exchange rate could trade sideways today.
